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Resolution of the Mayor and Council of Princeton Authorizing Princeton Affordable Housing Program, Home Rehabilitation Loan 2026-2 Not to Exceed $10,650.00 (427 Brickhouse Road)
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WHEREAS, a component of the Princeton Affordable Housing Program involves providing rehabilitation loans to income eligible households; and
WHEREAS, the Princeton Affordable Housing Manager has received the following loan application from the owner of the property identified as Block 9801, Lot 3.427 on the tax map of the Municipality of Princeton:
• Application 2026-2: $10,650.00 for water heater and HVAC system replacement, window repairs, and bathroom repairs.
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WHEREAS, the Princeton Affordable Housing Manager has qualified the applicant for participation in the rehabilitation program.
NOW, THEREFORE, BE IT RESOLVED by the Mayor and Council of Princeton as follows:
1. The Mayor and Council of Princeton hereby authorize the aforementioned rehabilitation loan totaling $10,650.00.
2. The owners of the property which is the subject of this loan application shall execute a Mortgage and Mortgage Note in favor of Princeton for repayment of said loan at the time of resale, transfer of the property, borrowing against the property or renting out or vacating the property if the full 10-year term has not passed at the time of the occurrence of any of said events. If the property owner occupies her property for the full 10-years pursuant to the affordable deed restriction as a part of the Princeton Affordable Housing inventory, then said loan, including interest thereon, shall be forgiven.
3. A certified true copy of this Resolution shall be furnished upon its adoption by the Princeton Clerk to the Princeton Affordable Housing Manager.